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Pakistan Petroleum Limited Corporate Briefing Session Financial Year 2019-20

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Pakistan Petroleum Limited Corporate Briefing Session Financial Year 2019-20 Pakistan Petroleum Limited Corporate Briefing Session Financial Year 2019-20 November 24, 2020 1 Contents • Disclaimer • Corporate History and Introduction • Capital and Shareholding • Subsidiaries • Board of Directors & Committees of the Board • Operational Overview • Financial Overview • Outlook & Challenges • Q&A 2 Disclaimer Pakistan Petroleum Limited (“PPL / Company”) has prepared this presentation solely for the purposes of information, providing herein an overview of the operations of the Company. The information herein is not intended to provide any guidance on dealing in the shares of the Company. The Company does not make any statements or guarantees regarding the information. The information presented herein is not intended to solicit any sort of investments whatsoever. You are therefore requested not to rely solely on the information provided in this presentation when making investment decisions if any, but to make such decisions at your own risk and discretion. Neither PPL nor any of its respective subsidiaries, affiliates, officials, advisors, associates, employees or any person working for, under or on behalf, shall have any responsibility and/or liability of any nature whatsoever (in contract or otherwise) for any loss and/or damage whatsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation does not constitute or form part of a prospectus, offering circular or offering memorandum or an offer, solicitation, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of, or be relied upon in connection with, or act as any inducement to enter into any arrangement, agreement, contract, commitment or investment decision in relation to any securities. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, the same will not be accepted. The presentation may contain statements that reflect PPL’s own beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the future, which are beyond PPL’s control. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. PPL does not undertake any obligation to update any forward-looking statements to reflect events that may occur or circumstances that may arise after the date of this presentation and it does not make any representation, warranty (whether express or implied) or prediction that the results anticipated by such forward-looking statements will be achieved. In addition, past performance should not be taken as an indication or guarantee of future results. 3 4 Corporate History and Introduction 4 Corporate History • The Company was incorporated in 1950 as a • In 2004, the GoP divested 102.5 million (14.95%) public5 limited company by Burmah Oil Company. shares in the Company by way of an Initial Public Offer and the GoP’s holding consequently decreased to 78.4%. • In 1997, the GoP held 29.43% shares in the Company. • The Company was listed on the Pakistan Stock Exchange in 2004. • Burmah Oil Company divested its entire holding (63.97%) in the Company in 1997. • In 2009, the GoP transferred 78 million (12%) of its shares in the Company to the Benazir Employees Stock Option Scheme (BESOS). • Upon divestment by Burmah Oil Company, the GoP acquired its entire holding (63.97%) and • Hence, the GoP’s holding decreased to 69.77%. control of the Company. • The GoP divested a further further 70 million (3.55%) shares in the Company by way of a Secondary Public • The GoP’s holding in the Company thus Offer in 2014. increased to 93.35%. • Consequently, the GoP’s holding in the Company decreased to its current holding of 67.51%. 5 6 Capital and Shareholding 6 Capital & Shareholding Pattern of Shareholding (%) 31 October 2020 The authorized capital of the Company is PKR 35 billion. 25.1% The subscribed capital of the Company is PKR 27.21 billion. 7.4% The subscribed capital of the Company is divided 67.5% into: • 2,720,971,712 Ordinary Shares • 11,816 Convertible Preference Shares Government of Pakistan PPL Employees Empowerment Trust Others 7 8 Subsidiaries 8 Subsidiaries Group Structure PPL Asia E&P B.V.: • Incorporated in the Netherlands in 2013 by the Company as a wholly is principally engaged in conducting owned subsidiary. exploration, prospecting, develop • It holds 100% working interest in Block 8, Iraq. PPL Europe PPL Asia E&P • It is managed by a branch office registered in Baghdad. E&P Limited B.V. (PPLA) (PPLE) PPPFTC* PPL Europe E&P Limited: • Incorporated in the UK. The Group, except PPPFTC, is principally engaged in • Acquired by the Company in 2013 and renamed PPL Europe E&P Limited. conducting exploration, prospecting, development and • It holds working interests in 1 producing field and 3 exploration blocks in production of oil and natural gas resources. Pakistan and 1 block in Yemen. *Pakistan Petroleum Provident Fund Trust Company (Private) Limited. Pakistan Petroleum Provident Fund Trust Company (Private) Limited: • Incorporated as a private limited company in 1955. • It manages employee funds. 9 10 Board of Directors & Committees 10 Board of Directors Board of Directors Moin Raza Khan Shahana Ahmed Ali CEO Company Secretary Sajid Tanveer Shamsul Abdul Jabbar Mian Mir Balakh Currently Currently Abid Sattar Mehmood Tahira Raza Ahmad Islam Memon Imtiazuddin Sher Marri vacant vacant Qazi Qureshi Independent Directors Non-Independent Directors 11 Board of Directors • The GoP nominates the Board of Directors for election by the shareholders according to law. • The number of elected directors is ten. • At least one third of the directors are independent members as required by the Public Sector Companies (Corporate Governance) Rules. • The Chairman and Chief Executive Officer of the Company are approved by the GoP and appointed by the Board of Directors of the Company. 12 Board Committees 13 • There are 6 committees of the Board. Board of Directors • In addition to the mandatory committees, the Board has formed one more committee in Board Board Board Human Board Board Board Audit Enterprise Strategy & view of the needs of the Resource Procurement Nomination Committee Risk Finance Committee Committee Committee Company, that is the Board Committee Committee Strategy and Finance Committee. 13 14 Operational Overview 14 Pakistan Energy Scenario Pakistan's Energy Mix Gas Supply Nuclear Renewables 3% 1% 6 Domestic Production Imports • Local production 5 down • Increasing Hydro 4 8% imports 3 • PPL Share ~ 21% Oil Bscfd Coal of local prod (~0.8 31% 2 13% Bscfd) 1 LPG 0 1% 2013 2014 2015 2016 2017 2018 2019 LNG Imports 9% Oil Supply 700 600 Gas As per 2018-19 34% 500 Report 400 • Local production 300 only ~ 21% • Heavy reliance on Gas and Oil 200 • PPL Share ~ rd 100 18% of local • Local Gas and Oil to decrease due to 1/3 0 natural depletion. Significant Pakistan Energy Use Barrels per Day (thousands) Day per Barrels prod (14 kbpd) 2013 2014 2015 2016 2017 2018 2019 increase in LNG from previous years per capita vs developing countries Domestic Production Imports Total • Renewable share low • Source: Pakistan Energy Outlook Source: World15 Bank Our Portfolio Portfolio (June 30, 2020) Producing fields PPL Operated 08 Partner Operated 12 Total 20 Exploratory blocks PPL Operated 28* Partner Operated 20** Total 48 *including Block-8 in Iraq being operated by PPL Asia **including 3 offshore blocks in Pakistan and 1 onshore block in Yemen 16 Key Achievements in 2019-20 Growth and Risk Exploration Production Profits Diversification 2 Discoveries ~0.9 Bcfde Rs 50.25 Billion 1 Farm-in 3 Farm-out Iron Ore Production Optimization / International One of the largest Mining (BME) start ups Exploration Corporate Giver Abu Dhabi bid th Commercial ops Sui Debottlenecking 15 Consecutive start up round (results Year Dhok Sultan awaited) Bitro Production operations on track despite of COVID-19 17 Work Program Delivery Development Wells Exploration wells 28 18 16 22 15 13 4 7 18 12 5 15 11 14 5 11 7 8 12 5 15 10 11 11 7 3 8 7 6 2 2015-16 2016-17 2017-18 2018-19 2019-20 2015-16 2016-17 2017-18 2018-19 2019-20 Operated Partner Operated Operated Partner Operated 18 Production Production (PPL Net) MMscfd equivalent Field-wise Producion of Natural Gas Field-wise Producion of Liquids 2019-20 (PPL Net) 2019-20 (PPL Net) 1,006 988 977 930 871870 9% 24% 22% 47% 8% 32% 3% 18% 37% Sui Kandhkot Adhi Gambat South 2015-16 2016-17 2017-18 2018-19 2019-20 Partner Operated and Others Adhi Tal Nashpa Others 19 Strategy • Optimization of production and recovery from current producing assets preserve • Bringing discoveries to production in the shortest possible time • Maintain Exploration activity to achieve desired Reserves Replacement Ratio • Exploration in frontier areas with better prospects of bigger discoveries • Pursue Pakistan’s offshore region as an operator, particularly in shallow offshore • Optimize portfolio risk through new acreage, farm-ins and farm-outs • Explore opportunities to grow internationally and become regional leader in E&P create • Pursuing technology innovations to produce Tight Gas at commercial rates • Explore and appraise shale gas potential of Pakistan with globally available technologies diversify • Expanding operations in mining through Bolan Mining Enterprise • Evaluate diversification in the energy sector 20 21 Financial Overview 21 Profitability 2020 2019 (Rupees in billion) Sales revenue down by 4% Revenue from contracts with customers 157.6 163.9 +ve price variance (+ve exchange rate partially offset by Operating expenses (42.8) (40.0) –ve crude oil price) ~ Rs 7.6 billion Royalties and other levies (23.8) (24.3) (66.6) (64.3) -ve volume variance of Rs 13.9 billion.
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